NIFTY50 and SENSEX sees significant fall dragged down by banking and financial stocks; Stock Market Highlights

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The NIFTY Midcap 100 index (-1.0%) closed lower today. Meanwhile, NIFTY Smallcap 100 Index (-1.2%) closed in the red today.

The NIFTY Financial Services (-4.2%) index closed in the red today, with ICICI Lombard (+5.6%) and SBI Life (+0.8%) being the top gainers, while IEX (-9.5%) and HDFC bank (-8.1%) being the top losers.

The BANK NIFTY index (-4.2%) index closed in red. Weakness in HDFC Bank (-8.1%), ICICI Bank (-2.9%) and Kotak Bank (+3.7%) was a major drag on the index.

India benchmark indices – NIFTY50 (-2.0%) and Sensex (-2.2) – closed lower for the second straight day. Out of the NIFTY50 space, 39 stocks were in the red. HDFC Bank, Tata Steel, Kotak Bank were the top losers today. Meanwhile, Asian Paints reported Q3 consolidated net sales of ₹9,074.9 crores, up 5.4% YoY. Meanwhile, its net profit increased by 34.5% YoY to ₹ 1,475 crores.

• Asian Paints reported consolidated net sales of ₹9,074.9 crores, up 5.4% YoY. Meanwhile, its net profit increased by 34.5% YoY to ₹ 1,475 crores.

• The company’s revenue missed the market estimate, while net profit was in-line with the estimate.

• Asian Paints' industrial business saw double-digit growth during the quarter, with the decorative business growing 5.5% in value terms.

• Asian Paints domestic volumes grew by 12% YoY. As per the company, this growth was primarily due to the extended festive season, though there was some moderation in demand in the latter part of the quarter.

• The company’s share trades 1.5% lower following the result announcement.

• PSP Projects emerged as the lowest (L1) bidder for the construction of Gati Shakti Vishwavidyalaya in Gujarat worth ₹630.9 crores.

• This new order comes from Rail Vikas Nigam Limited. With the receipt of the above order, the total value of projects for which the company stands as the lowest bidder amounts to ₹1853.3 for the current financial year.

• Meanwhile, the company’s share trades flat at ₹741 per share.

• Pharma major Sun Pharmaceutical Industries and Bayer have signed an agreement to market and distribute a second brand of Finerenone in India.

• Finerenone, a patented medicine, is indicated to reduce the risk of sustained eGFR decline, end-stage kidney disease, cardiovascular death, non-fatal myocardial infarction, and hospitalisation for heart failure in adult patients with chronic kidney disease associated with type 2 diabetes mellitus.

• Under the terms of the agreement, Bayer has granted the non-exclusive rights to Sun Pharma to market and distribute a second brand of Finerenone under the brand name Lyvelsa®. Finerenone was first launched by Bayer under the brand name Kerendia in 2022.

Meanwhile, shares of Sun Pharma were down 1.1% today.

Source: BSE

• Shares of the Royal Enfield bike maker traded lower for the fourth consecutive session today. So far this month, the company’s stock is down over 9% amid a change in investor sentiments.

• Experts believe stiff competition from other two-wheeler makers, including Hero Motocorp and Bajaj Auto, could impact the company’s future sales and market share.

• The company has faced competition in the past as well. However, this time, the competition comes from global iconic brands, including Harley-Davidson, Honda and the upcoming launch of Hero Maverick 440 by Hero Motocorp.

• As per experts, these new product launches are coming from experienced automakers with strong financial and distribution network, which could give tough competition to Eicher Motors in the 350+cc bike segment.